Over 90% of China's SOE reform three-year action plan completed

China's locally-administered State-owned enterprises (SOEs) have completed over 90 percent of the main tasks of the government's three-year (2020-22) action plan, said the country's top State-asset regulator on Saturday.

The three-year (2020-22) action plan, which builds on decades of efforts to transform SOEs into competitive and modern enterprises, has led to all-out efforts in multiple localities and numerous breakthroughs, said Hao Peng, chairman of the State-owned Assets Supervision and Administration Commission of the State Council. (SASAC)

The corporate-governance reform of SOEs essentially has wrapped up, and the SOEs are practically no longer required to perform social functions, he said at a meeting held by the Leading Group for State-owned Enterprises Reform under the State Council in Beijing.

The official said that in the meantime, breakthroughs have been made in key areas including optimizing the modern enterprise system and the market-oriented operation mechanism.

The total assets owned by China's locally-administered SOEs amounted to 183.7 trillion yuan ($27.56 trillion) by 2021, data from the SASAC showed.

The net profits of locally-administered SOEs grew by 27.4 percent year-on-year to 1.5 trillion yuan in 2021, while their combined revenues soared 19 percent on a yearly basis to 35.4 trillion yuan, hitting a record high in their economic performance.